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CRGT readies launch of $115 million credit facility for Tuesday
By Sara Rosenberg
New York, Dec. 1 – CRGT Inc. is set to hold a bank meeting at 3 p.m. ET in New York on Tuesday to launch a $115 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The facility consists of a $15 million revolver and a $100 million six-year first-lien term loan, the source said.
Included in the term loan is 101 soft call protection for one year and a maximum leverage covenant.
Commitments are due on Dec. 15, the source added.
Proceeds will be used to help fund the buyout of the company by Bridge Growth Partners LLC from Veritas Capital.
In connection with the transaction, GoldPoint Partners provided mezzanine debt financing and an equity co-investment.
Closing is expected by year-end.
Veritas will continue to hold a minority stake in CRGT following the close of the transaction.
CRGT is a Reston, Va.-based provider of custom software development and data analytics to federal government agencies.
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